The bank statement of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional information showed the following: a. An NSF check for Dec was for P4,000. b. Bank credit memo for Dec was P3,500 c. Deposit in transit, P5,000 d. Outstanding checks, P3,400 e. Undeposited collections P10,000 Adjusting entry at Dec 31 should include: dr Cash in bank 5,000 dr Cash in bank 500 cr Cash in bank 3,400 cr Cash in bank 500
The bank statement of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional information showed the following: a. An NSF check for Dec was for P4,000. b. Bank credit memo for Dec was P3,500 c. Deposit in transit, P5,000 d. Outstanding checks, P3,400 e. Undeposited collections P10,000 Adjusting entry at Dec 31 should include: dr Cash in bank 5,000 dr Cash in bank 500 cr Cash in bank 3,400 cr Cash in bank 500
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 3E
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The bank statement of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional information showed the following:
a. An NSF check for Dec was for P4,000.
b. Bank credit memo for Dec was P3,500
c. Deposit in transit, P5,000
d. Outstanding checks, P3,400
e. Undeposited collections P10,000
Adjusting entry at Dec 31 should include:
a. An NSF check for Dec was for P4,000.
b. Bank credit memo for Dec was P3,500
c. Deposit in transit, P5,000
d. Outstanding checks, P3,400
e. Undeposited collections P10,000
dr Cash in bank 5,000
dr Cash in bank 500
cr Cash in bank 3,400
cr Cash in bank 500
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